House Bill 18-1342 was introduced a few weeks ago in the Colorado Legislature. The bill aims to permit owners in pre-CCIOA communities to veto proposed association budgets.
Currently, only owners in associations subject to CCIOA are permitted to veto proposed association budgets. To veto a proposed budget, a majority of all unit owners (or larger percentage specified in the Declaration) must do so at a scheduled owners’ meeting to consider the proposed budget. In the absence of a veto, the proposed budget is deemed approved.
Stay tuned for further updates on this proposed legislation and other pending Bills.